UK stocks open 0.4% higher

09 January 2018, 09:06

Source - SMW

UK stocks opened stronger on Tuesday as faith in the resilience of a global economic recovery lifted markets in the US and Asia.
At 0903, the benchmark FTSE 100 index was up 28.27 points, or 0.4%, at 7,724.78.
Supermarket chain Morrisons posted strong sales during the Christmas trading period, helping to push its shares 3.6% higher
Home builder Persimmon fell 1.5%, despite upgrading its annual profit guidance after it grew revenue in 2017 by 9%, underpinned by higher completion rates and selling prices.
Topps Tiles jumped 8.6% after it achieved like-for-like revenue growth in the first quarter of 3.4%, bucking concerns soft consumer confidence would damp demand for home renovations.
Building products supplier SIG, meanwhile, said trading in recent months met its expectations. The company, however, also announced that it had previously overstated its cash position and its shares fell 1%.
Unite Group added 1.9% after the student accommodation provider said it achieved occupancy levels of 99% for the current academic year.
Insurance company Hastings Group announced that its chairman Mike Fairey was standing down, with chief executive Gary Hoffman to replace him by becoming executive chairman. The company's shares were flat.
Agriculture and engineering group Carr's jumped 11% after it said its financial performance was well ahead of the previous year.
Stock Spirits Group added 1.1% after it announced that trading was slightly ahead of its expectations amid buoyant demand for spirits drinks in its key markets of Poland and the Czech Republic.

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